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Global Edible Insects Market size worth $522mn by 2023

Published Date: June 28, 2016 Author: Global Market Insights, Inc.

Global Edible Insects Market size is poised to exceed USD 522 million by 2023, as per the latest research report by Global Market Insights, Inc. Increasingly positive outlook on insect or bug consumption, as a healthy, alternative and sustainable protein source will drive demand.

Insects offer a sustainable and economical source for human as well as animal feed, with comparatively lower greenhouse emissions as well as costs. Sustainability-based diets are safe and healthy, affordable, nutritious and easily accessible for animal and human consumption.

Beetles dominated demand and were valued at USD 9.7 million in 2015. Key human consumption patterns involve the use of insects as a whole or in powder form for flour, protein bars and other snacks. Grasshoppers, locusts and crickets could see significant demand gains, estimated at more than 42% CAGR up to 2023. Pet foods have seen increasing use of grasshoppers as dried, whole or frozen form for fish, turtles, birds and pets.

Food products use cricket, mealworm and grasshopper powders, rich in protein content having all essential mineral and amino acids. Black soldier fly larvae and maggots considered as substitute in fishmeal feed in aquaculture industry, are consumed either whole or as processed meal. Grasshoppers, beetles, crickets, cockroaches, termites, scale insects, flies, bees, wasps and ants are food sources for poultry which may fuel edible insects market growth.

A robust and clearly define regulatory guideline for registration, classification and commercialization of insect-based foods will be critical for industry evolution. Presently, while bug-based foods are sold across the U.S. as well as EU, participants are somewhat in the dark with respect to labelling and selling guidelines.

Global edible insects market size will exceed USD 522 million in sales by 2023, with estimated gains at 42% CAGR. Bug-based flour and energy bars together saw over 54% of all edible insects market share in 2015.

Europe, led by UK, Belgium, France and Netherlands edible insects market share may see sales of more than USD 46 million by 2023. The EU allows use of insect feed for fish in aquaculture which may drive regional industry growth.

North America, led by U.S. edible insects market size, may grow significantly. Strong consumer awareness levels and acceptance will drive regional growth. Beetles and caterpillars together were responsible for more than 45% of regional sales in 2015.

Brazil and Mexico are largest LATAM markets, as insects have been traditionally consumed not only as a source of food but also due to their medicinal properties. Bug-based flour accounted for over 40% of regional sales in 2015.